Barry Diller's People Inc. rescinded its $48.30-per-share takeover offer for MGM Resorts International, citing deal complexity and debt concerns, causing MGM shares to drop roughly 11%. Diller remains open to future strategic transactions with MGM, which People Inc. already owns 26.1% of.
Barry Diller's People Inc withdrew its $18 billion takeover bid for MGM Resorts International, citing that the deal's components weren't coming together as hoped. People Inc will retain its 27% stake in MGM Resorts, which rejected the offer and intends to remain independent while developing its online sportsbook BetMGM and international properties.